Janet Mcnulty Biography & Facts
Janet Louise Yellen (born August 13, 1946) is an American economist, educator and government official who has served as the 78th United States secretary of the treasury since January 26, 2021. A member of the Democratic Party, she previously served as the 15th chair of the Federal Reserve from 2014 to 2018. She is the first woman to hold either role. She is also a professor emerita at Haas School of Business at the University of California, Berkeley, and formerly a distinguished fellow in residence at the Brookings Institution.
Yellen was a member of the Federal Reserve Board of Governors from 1994 to 1997 and again from 2010 to 2018. She chaired the Council of Economic Advisers under President Bill Clinton from 1997 to 1999 and was the president of the Federal Reserve Bank of San Francisco from 2004 to 2010. She served as vice chair of the Federal Reserve from 2010 to 2014. Yellen was nominated by President Barack Obama to succeed Ben Bernanke as chair of the Federal Reserve from 2014 to 2018. She served one term and was not re-appointed by President Donald Trump.
Early life and education
Yellen was born on August 13, 1946, to a family of Polish Jewish ancestry in the Bay Ridge neighborhood of New York City's Brooklyn borough, where she also grew up. Her mother was Anna Ruth (née Blumenthal; 1907–1986), an elementary school teacher, and her father was Julius Yellen (1906–1975), a family physician, who worked from the ground floor of their home. Her mother quit her job to take care of Janet and her older brother, John. Yellen graduated from local Fort Hamilton High School in 1962; she was the class valedictorian.Yellen graduated summa cum laude and Phi Beta Kappa from Pembroke College in Brown University in 1967 with a bachelor's in economics. At Brown, she switched her planned major from philosophy to economics and was particularly influenced by professors George Borts and Herschel Grossman. She received her MA and PhD in economics from Yale University in 1971. Her dissertation was titled Employment, Output and Capital Accumulation in an Open Economy: A Disequilibrium Approach under the supervision of (later to be) Nobel laureate James Tobin. As a teaching assistant, Yellen was so meticulous in taking notes during Tobin's macroeconomic class that they ended up as the unofficial textbook circulated among generations of graduate students, and known as the "Yellen Notes". Her former professor Joseph Stiglitz, another Nobelist, has called her one of his brightest and most memorable students. Yellen was the only woman among the two dozen economists who earned their doctorates from Yale in 1971.
After receiving her Ph.D, Yellen was appointed as an assistant professor of economics at Harvard University, where she taught from 1971 to 1976. In 1977, she was recruited to become an economist with the Federal Reserve Board of Governors by Edwin M. Truman, who had known Yellen from Yale. Truman was a junior professor and heard her oral exam, and had recently taken over the Fed's Division of International Finance. She was assigned to research international monetary reform.While at the Fed, she met her husband George Akerlof in the bank's cafeteria; they wed in 1978, less than a year later. By the time of their marriage, Akerlof had already accepted a teaching position at the London School of Economics (LSE). Yellen left her post at the Fed to accompany him, and was employed as an economics lecturer by LSE. They remained in London for two years, then returned to the United States.
In 1980, Yellen joined the faculty at the Berkeley's Haas School of Business to conduct macroeconomics research and teach undergraduate and MBA students for more than two decades, also held a joint appointment with the University of California, Berkeley's Department of Economics from 1999 to 2003. She was just the second woman at Berkeley-Haas to earn tenure in 1982, as well as the title of full professor in 1985. Yellen was the Bernard T. Rocca, Jr. Professor of International Business and Trade from 1992 to 1994 and was named the Eugene E. and Catherine M. Trefethen Professor of Business Administration and Professor of Economics in 1999. During her time as active faculty member, Prof. Yellen earned the Haas School's outstanding teaching award twice. She subsequently became professor emeritus at UC Berkeley.Yellen has also served as an adviser to the Congressional Budget Office, the Brookings Panel on Economic Activity and the National Science Foundation’s Panel in Economics. She was a research associate of the National Bureau of Economic Research.
Research and publications
Yellen has had a remarkable academic career largely focused on analysis of the mechanisms of unemployment and labor markets, monetary and fiscal policies, and international trade. She's written a few of widely cited papers, often collaborating with her husband professor George Akerlof on their research. Here are some principal ideas of Dr. Yellen's academic studies:Since 1980s, Yellen with Akerlof address what's known in the economics literature as "efficiency wage theory" – the idea that paying people more than the market wage does, in fact, increase their productivity. Their 1990 paper entitled "The Fair-Wage Effort Hypothesis and Unemployment," christen "the fair wage-effort hypothesis," considered by economists a significant contribution to the topic: "is a precursor to the efficiency wage literature", "It had an influence, although the work on efficiency wage theory has had a bigger influence." Akerlof and Yellen introduced the gift-exchange game, a model in which argue that workers who receive less than what they perceive to be a fair wage will purposely work less hard as a way to take revenge on their employer.Another important work, "An Analysis of Out-of-Wedlock Childbearing in the United States" co-written with Akerlof and Michael Katz and published in 1996, aims to explain why out of wedlock births had grown considerably in previous decades in the United States. Research study led to a theory called "reproductive technology shock," arguing that the increased availability of both abortion and contraception in the late 1960s and early 1970s eroded the social norms surrounding sex, pregnancy and marriage, leading to a sharp decline in the stigma of unwed motherhood.
Federal Reserve (1994–1997)
In August 1994, Yellen took leave from Berkeley for five years. President Bill Clinton appointed her as a member of the Federal Reserve Board of Governors. The Senate Banking Committee approved Yellen's nomination by a vote of 18 to 1. The only vote against her came from Senator Lauch Faircloth, Republican of North Carolina, who had told that her concerns should be limited to "inflation, inflation and inflation". Nomination was confirmed by the United States Senate by a vote of 94–6. Yellen succeeded Republican Wayne Angell on August 12, 1994, alongside Alan Blinder, who served as vice chairman, the firs.... Discover the Janet Mcnulty popular books. Find the top 100 most popular Janet Mcnulty books.